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Friday, October 15, 2010

Forclosure Full Circle

Now let me get this straight. First, the Community Re-investment Act forced bankers to lend to folks that did not qualify for mortgages.

Second, American bankers weren’t lending fast enough, so Barney Frank, Chris Dodd and Company upped the anti and told Fanny and Freddy to backstop every mortgage that came across their desks, damn the torpedoes.

Third, with the full knowledge that “anything goes“, bankers, mortgage brokers and lending officers were processing loans, but not demanding such trivialities as dotting “I’s” crossing “T’s” or bothering to check out financial statements, verifying income or even confirming employment.

Fourth, not satisfied with the quick cash being made on billions in commissions, some very shrewd mortgage bankers, investment bankers and assorted other carnival barkers-come bankers decided it would be clever to bundle up these worthless pieces of crap with other good loans, then chop them up in chunks and sell them off to other greedy investment gurus that back stopped registered securities with the contaminated bundles, chunks of bundles and these re-packaged kibbles and bits.

Fifth, so when the wheels started coming off the gravy train, the brokers were long gone with their commissions, having peddled them off to little old ladies, college endowments and pension fund managers as “SOLID” investments. But when things went Dixie everyone turned around and said, “this is a mess, we need a bailout from the American taxpayer, so our economy won’t collapse“. And who was their for the bailout? You got it, Barney and Chris along with a paralyzed Congress.

Sixth, then the banks that were made whole after their employees had already been paid tens of billions in commissions and bonuses, gave their CEO’s hundreds of billions more in golden parachutes--not unlike Goldman Sach’s Hank Paulson, who walked away with a $500 million severance.

But when the banks started foreclosing, (because those that lost their jobs began defaulting due to the inevitable financial meltdown), started by, wait for it, BANKERS, there was a problem. Seems that the bankers had failed to keep required control of the paperwork, necessary for foreclosure (Probably because they were too busy counting their money).

So now we need another bailout for bankers (that started the meltdown in the first place) along with some new laws to clean up some old mistakes.

And that folks is how we got to where we are.

You and I fail to produce documents in court, we take our lumps. Bankers fail to produce documents and they get a pass, new laws and more of our money.

If this isn’t clear to you, you need to stop watching the alphabet networks and have your mommy explain it to you. And more importantly, if you don’t believe me, just re-elect all the incumbents and any socialists running and let them finish what they started.

What my Daddy Said

My daddy always told me that I should say nothing, if I didn’t have anything good to say about someone. Well, you can add that to the other smart things my dad said to me, that I didn’t listen to. And today is no different.

He often told me--in the 60’s, when there were scores of lumber companies in the pacific northwest --that there would be a handful of lumber companies, by the 70’s, that would monopolize the private timberlands in America….and he was right. He also said that these same timber giants would use the “government” regulatory process (press ganged later by the eco-Nazis) to stifle competition and discourage entrepreneurs from entering into the timber business…he was right again.

And this scenario is repeated over and over again from industry to industry.

Oh, my dad wasn’t a brain surgeon, but he was no dummy either. You see, he saw what was happening well before it happened, and not unlike you and I, he could see it coming, but couldn’t do a damn thing about it. So maybe it’s better that he isn’t around today to witness the hijacking of the greatest nation on the earth. As the ones being hijacked are the very ones participating in the hijacking.

I mean who wasn’t bombarded with tales of titillating distraction of Paris Hilton, Lindsey Lohan or Alec Baldwin, while Barney, Chris, Nancy and Harry were systematically plundering America’s financial future. Who was all busy watching American Idol, Jay Leno and John Stewart, while our U.S. Congress and the White House was transforming America from a beacon of hope and success and into a Chicago style pay for play, socialist state of entitlement addicted junkies.

No folks, most of America sits by glued to contrived events designed to distract us in the name of free enterprise, while the same forces are complicit by silencing those who would report the calamity being thrust upon us.

A little reflecting

After a few days of “opinion” silence, the Dumbplumber realized that all his ranting and railing probably hasn’t changed anyone’s mind about the abysmal state of our nation. Now I don’t want to imply that the ranting wasn’t without merit, but in the big scheme of things it hasn’t produced any measure of accomplishment, as to the goal of enlightening anyone who isn’t already enlightened.

This became painfully apparent with a visit to family a few weeks ago, when I was asked by a favorite auntie, “please tell me you don’t like Sarah Palin”. To which I answered, “what’s not to like?” My immediate thought was, what has Sarah Palin done to anyone?

The silence was deafening. I then proceeded to ask her what she knew about the current state of political affairs in the western world. Her response was that she wasn’t very informed at all. To which I continue to wondered why she has an opinion at all, if she is that uninformed.

Then hit it me. She is an entitlement junkie, living primarily off of a military pension and benefits left by her late husband, some 30 years ago. And since then she has spent her life in a secure cocoon, indulging herself with endless continuing education and merrily skipping through life in blissful ignorance of how all this security is provided. But not unlike many of her widow contemporaries, Auntie has shunned remarriage, as she knows full well it would end her “tax payer provided” gravy train.

No, I suspect that my Liberal kin will continue to get their Liberal political influences from the likes of academia, the Alphabet Networks and Oprah. And no amount of common sense, historical clarity or documented refutation will change their minds, even though the road they are driving down is taking down America.

The Liberal aunties, nephews, nieces and uncles of this world are basically tattooed with an ideology of those that would replicate centuries of failed societal models, that are painfully unsustainable in any context. And it has come to me that until they are jerked aback with the cold reality of our inability to maintain this farce, their relationship to the obtuse will remain intact.